Korean-Australian diplomatic relations extend all the way back to the Korean civil war of the early 1950s. In response to a UN resolution to end hostilities, Australia sent troops to support their South Korean counterparts against the Soviet-backed North Koreans. Troops stayed an additional four years to ensure a peaceful transition, and since then, the two countries have shared an interwoven social and economic history.
Those looking to send Korean Won (KRW) to Korea can get a lot more value for money when using a dedicated money transfer service. This is because these services process a larger volume of transfers than a regular bank, and therefore can secure you a more competitive margin and fees. You can compare some of these services below.
International Money Transfer Offer
OFX (Ozforex) International Money Transfers
Large range of currencies
Online and phone transfers
Regular payments available
International Money Transfer Offer
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
Keep ahead of the curve with daily currency exchange rate alerts
Speak to a FX Expert
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.
They can help you with all your needs including:
Buying property abroad
Regular overseas payments
Banks vs money transfer companies or services
How you choose to send money to Korea depends on what you need from the transfer service. Whether you’re looking to save on transfer fees or if speed is a top priority, choosing the right service means carefully considering the pros and cons before making a choice. Most people consult their banks first to see which transfer services they offer their customers. In most cases, banks do international money transfers, but they’re strict about how much they allow you to send, and may have inferior rates and high fees. An online banking service like Westpac offers its customers online and telegraphic transfers to recipients’ bank accounts or for pick-up at an agency. If you’re looking for a combination of low to zero transfer fees and no limit on the sending amount, you may be better off with a money transfer service like Western Union or MoneyGram. Transfers are instantaneous and they have branches all over South Korea. That said, it’s still a good idea to weigh your options.
Mi-Cha sends money home to Korea
Before moving back to Korea, Mi-Cha’s mother helped her brother open a restaurant in Sydney. Mi-Cha stayed to pursue her studies in economics and then joined the restaurant’s staff as the resident accountant. Before transferring her mother’s share of the profits to Korea every few months, Mi-Cha compares exchange rates, transfer fees and delivery time.
Money Transfer Company
1 AUD = 718.83 KRW
1 AUD = 787.99 KRW
Up to 2 days
Online transfer, overseas telegraph transfer
Account to account, cash transfer
Amount received for $1,000 (in Korean Won)
By choosing to send funds with the money transfer service, Mi-Cha pays a smaller transfer fee, the money arrives within minutes and her mother receives an additional 60,000 KRW .
How do I compare transfer companies when transferring money to Korea?
Taking the time to compare transfer-service options helped Mi-Cha save on fees, cut down on delivery time and ensure that her mother benefitted from the best possible exchange rate. Before settling on a service, it’s important to consider the following factors:
Exchange rates. Choosing the best possible exchange rate means that your recipient gets more money in their own currency. Make sure that a high exchange rate is not cancelled out by high transfer fees.
Transfer fee. Ideally the service you choose charges little or no transfer fees. Sometimes transfer services will waive the fee if you send a big enough amount.
Transferring within the same bank. Some Australian banks have international branches which may offer free or quick transfers.
Transfer methods. Check whether the service offers online transfers, cash transfers, international cheques - choose the service with the best transfer methods to suit your needs.
Turnaround time. A transfer can be instantaneous or take up to five days to reach its destination. Consider your needs and how urgently your recipient needs the money before making a decision.
Pick-up methods. Consult with your recipient about how they’d like to receive the money: direct deposit into their account or via cash collect at an agency or designated pickup point.
Minimum transfer amounts. Most transfer services are clear about the maximum amount you can send, but they don’t always stipulate whether there’s a required minimum. This isn’t always convenient for people sending small amounts at a time.
Customer service. It’s important that the transfer service’s customer relations staff can assist with any problem you might have with the transfer. They should be easily contactable, whether by email, online chat or direct telephone line.
Whether you’re holidaying in Korea and need cash in a hurry, or a family member needs an emergency transfer, money transfer companies offering delivery within minutes could be your best bet. Despite the urgency, take the time to compare exchange rates and transfer costs - sometimes a quick delivery comes at the price of higher fees. If your bank has a branch close to where you are, simply pop in and explain your situation. In the case of theft or an accident during a holiday, you can claim from your travel insurance, but this may take too much time. If you have an emergency cash replacement linked with your credit card insurance or debit card, you can also utilise that by calling the emergency hotline provided by your bank.
Korea is relatively safe for travellers, but as in any foreign country, it’s important to be vigilant and aware of your surroundings. Foreigners should be particularly aware of the traffic: motorists, taxis and buses drive aggressively. Korean authorities stage civil emergency drills on the 15th of every month, which involves sirens, interrupted traffic and people taking shelter. The rates of violent crime are low in general, but incidents of burglary and purse-snatching still occur in the cities. If you’re collecting cash at an agency, take someone along and be sure to get there during opening hours. Australia’s Smartraveller guide advises ‘normal safety precautions’ when travelling in Korea.
Sending money to Korea can be easy and convenient when you find the right transfer service to suit your needs. Most online services require that you sign on as a member before allowing the transfer. You’ll need to provide your contact details, the amount you’d like to send and the recipient’s account information. Select the transfer method and the pick-up option most convenient for your recipient, and hit send. The transfer service will confirm your transaction with an email. A tracking number helps you keep an eye on your money as it makes it way to your recipient’s account. Thanks to a shared sociopolitical history and the strong Korean presence in Australia today, there are several money transfer services available to send funds to Korea. Varied options allows you to compare rates and fees to find the best combination to suit your transferring needs.
Marc Terrano is the lead publisher of Points Finder and a co-host of the Pocket Money podcast. He was previously a writer and publisher for home loans at Finder. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help Australians get the best value for their money.
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.